Company No: 03856029 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	92,793,585		93,001,613
Investment property	4	23,485,000		21,949,954
Investments	5	21,335,716		19,357,823
		137,614,301		134,309,390
Current assets
Stocks		3,147,810		3,247,985
Debtors	6	326,670		539,558
Cash at bank and in hand		3,736,945		3,776,833
		7,211,425		7,564,376
Creditors: amounts falling due within one year	7	( 2,930,355)		( 4,633,632)
Net current assets		4,281,070		2,930,744
Total assets less current liabilities		141,895,371		137,240,134
Creditors: amounts falling due after more than one year	8	( 8,212,120)		( 8,205,010)
Provision for liabilities		( 14,012,305)		( 13,459,821)
Net assets		119,670,946		115,575,303
Capital and reserves
Called-up share capital		13,908,600		13,908,600
Share premium account		4,559,086		4,559,086
Revaluation reserve		61,248,686		60,195,597
Profit and loss account		39,954,574		36,912,020
Total shareholders' funds		119,670,946		115,575,303

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Compton Beauchamp Estates Limited (registered number: 03856029) were approved and authorised for issue by the Board of Directors on 04 August 2026. They were signed on its behalf by:

R K Salmon Director

J S Watson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Compton Beauchamp Estates Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Upper Farm, Woolstone, Oxfordshire, SN7 7QL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

Turnover

Turnover represents farming produce sold during the year, rental income and shoot income that are recognised on an accruals basis. Turnover also includes Basic Payment and environmental grants which are recognised on an accruals basis.

Taxation

The tax expense represents the sum of the tax currently payable and any deferred tax.

The current tax charge is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.

Deferred tax is recognised in respect off all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.

Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited to the profit and loss account.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	0 - 25 years straight line
Plant and machinery etc.	4 - 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stock has been valued by professional valuers at the lower of cost and net realisable value under the cost model. Where accurate cost figures are not available, the deemed cost of production has been used on the following bases:

Crops in store - 75% of market value.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the Company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and are measured at transaction price. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are recorded at the present value of cash payable to the bank.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	39		36

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 January 2025	93,438,478		4,122,809		97,561,287
Additions	29,052		505,460		534,512
Disposals	0		( 219,000)		( 219,000)
Transfers	( 172,937)		0		( 172,937)
At 31 December 2025	93,294,593		4,409,269		97,703,862
Accumulated depreciation
At 01 January 2025	2,269,231		2,290,443		4,559,674
Charge for the financial year	192,033		328,041		520,074
Disposals	0		( 167,639)		( 167,639)
Transfers	( 1,832)		0		( 1,832)
At 31 December 2025	2,459,432		2,450,845		4,910,277
Net book value
At 31 December 2025	90,835,161		1,958,424		92,793,585
At 31 December 2024	91,169,247		1,832,366		93,001,613

Revaluation of tangible assets

The company used the transitional provisions of FRS102 to restate the cost of freehold land and buildings to market value as at 1 December 2015. That market value has been used as a deemed cost going forward. The revaluation reserve includes £45,827,687 (net of deferred tax) representing the revaluation of those assets at that date. The original cost and accumulated depreciation on those assets is as follows:

	2025		2024
	£		£
Historical cost	41,173,215		41,180,595
Accumulated depreciation	(3,247,662)		(3,040,569)
Carrying value	37,925,553		38,140,026

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2025	21,949,954
Fair value movement	1,363,941
Transfers to and from property, plant and equipment	171,105
As at 31 December 2025	23,485,000

Property appraisals at the year end were considered by the directors and approved.

5. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 January 2025	181,158
At 31 December 2025	181,158
Carrying value at 31 December 2025	181,158
Carrying value at 31 December 2024	181,158

	Listed investments		Investments in associates		Other investments		Total
	£		£		£		£
Cost or valuation before impairment
At 01 January 2025	43,419		7,126,080		12,007,166		19,176,665
Movement in fair value	55,994		822,240		1,099,659		1,977,893
At 31 December 2025	99,413		7,948,320		13,106,825		21,154,558
Carrying value at 31 December 2025	99,413		7,948,320		13,106,825		21,154,558
Carrying value at 31 December 2024	43,419		7,126,080		12,007,166		19,176,665

The investment in subsidiaries relates to a 100% holding of £1 Ordinary shares in BMR Farming Limited. The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were £181,158.

6. Debtors

	2025		2024
	£		£
Trade debtors	77,495		79,215
Corporation tax	93,972		191,325
Other debtors	155,203		269,018
	326,670		539,558

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	289,199		85,472
Amounts owed to connected persons	1,755,621		0
Amounts owed to directors	0		3,649,532
Accruals	367,543		450,103
Other taxation and social security	21,568		18,703
Obligations under finance leases and hire purchase contracts	169,890		248,664
Other creditors	326,534		181,158
	2,930,355		4,633,632

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	8,000,000		8,000,000
Obligations under finance leases and hire purchase contracts	212,120		205,010
	8,212,120		8,205,010

The bank loans are secured on the majority of the company's freehold land and buildings.

9. Related party transactions

**Directors**

There was £Nil (2024: £3,649,352) owing to directors at the year end. Amounts due were unsecured and interest free.

**Newbury Racecourse plc**

Compton Beauchamp Estates Limited (CBE) owns 40.93% of issued ordinary share capital in Newbury Racecourse plc (NRC). As at 31 December 2025 the market value of the NRC investment was £7,948,320 (2024: £7,126,080).

**EP Bank**

Compton Beauchamp Estates Limited (CBE) owns 9.8% of issued ordinary share capital in EP Bank. EP Bank is a company under the control of an individual who is a connected person to Compton Beauchamp Estates Limited. As at 31 December 2025 the market value of the EP Bank investment was £13,106,825 (2024: £12,007,166).

**Amount owed to connected persons**

At the year end, Compton Beauchamp Estates Limited (CBE) owed a balance of £1,755,621 to a close family member of a director. The balance is unsecured, interest‑free, and repayable on demand.